SemiAnalysis benchmarks Google TPUv7 Ironwood on agentic inference against NVIDIA GPUs

SemiAnalysis released the first long-context, multi-turn agentic inference results on InferenceX/AgentX for Google TPUv7 Ironwood across four models, finding it competitive on performance per dollar or state-of-the-art in several cases. On GLM-5.2 in FP8, TPUv7 delivered 1.2x to 2.7x the tokens per dollar of B200, B300 and MI355X from 60 to 300 tok/s/user, while FP4 GPUs still led on GLM-5.3 because TPUv7 lacks native FP4 support until TPUv8 in Q1 2027. The piece also argues NVIDIA's bureaucracy slows driver and ecosystem contributions compared with AMD and Google.